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Simple English definitions for legal terms

defeasance clause

Read a random definition: law of the circuit

A quick definition of defeasance clause:

A defeasance clause is a part of a mortgage agreement that says if the borrower pays back the loan on time, the lender's ownership of the property will be cancelled. This means that the borrower will fully own the property again.

A more thorough explanation:

A defeasance clause is a provision in a mortgage agreement that states that the transfer of ownership to the lender will be void if the borrower pays off the debt on time.

For example, let's say John takes out a mortgage to buy a house. The mortgage agreement includes a defeasance clause that states that if John pays off the mortgage in full by the due date, the lender will not have any claim to the property. This means that John will own the house outright and the lender will have no legal right to it.

Defeasance clauses are designed to protect borrowers from losing their property if they are able to pay off their debt on time. They give borrowers the peace of mind that comes with knowing that they will not lose their property if they are able to meet their financial obligations.

defaulter | defeasible

General

General chat about the legal profession.

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whenpigsfly

11:44

omg penn

shaquilleoatmeal

11:44

@Trismegistus: real one

Trismegistus

11:44

thats only one person tho

Mostlylegal

11:45

MASSIVE penn wave

Trismegistus

11:45

does penn call or portal?

lilypadfrog

11:46

@Trismegistus: twin when did you apply? I applied in mid nov

cumsock

11:47

35% spike in applicants this cycle what the fuckkkkk

Mostlylegal

11:47

i applied 5 days ago, should i be worried i missed this wave

Trismegistus

11:47

all my apps are oct- to mid nov, except nyu which was dec

Trismegistus

11:47

penn was oct

PuppyBot

11:47

why does everyone want to be a lawyer

PuppyBot

11:47

jacking my style all of a sudden

cumsock

11:49

"But I also want to end on this note. Don't be afraid of being wrong. And what I mean by that is, being wrong about a school. I applied to Princeton coming out of high school and didn't get in. I ended up going to Vanderbilt. I could never see myself having gone anywhere but Vanderbilt." -Spivey

cumsock

11:49

this type of advice makes me so pissed like brotha

Trismegistus

11:50

why

whenpigsfly

11:51

omg another penn

whenpigsfly

11:51

its happening

BulbasaurNoLikeCardio

11:51

@shaquilleoatmeal: I am now 31 and in group chats with people in their 50s and in their early 20s, as long as it isn't something weird being in the meme chat is chill

Trismegistus

11:51

are people fucking with me or what

siroracle

11:51

The crux of the advice is apply to worse schools and take what ya get

Trismegistus

11:52

does penn call or update to portal/ email?

cumsock

11:52

@Trismegistus: cus how does not getting into the best school in the country and "settling" for one of the most prestigious schools in vandy help anyone realistically

SickToughBulldog

11:52

@Trismegistus: ^^^^

whenpigsfly

11:52

p sure they call

cumsock

11:52

ig it only helps people who are ab to jump off a bridge if they dont get into YLS

Trismegistus

11:53

@cumsock: yeah, im not sure really, i think it's just that, life is what you make it, peace with your fate once it happens? idk, i agree with you though

HopefullyInLawSchool

11:53

Another day another dollar

KnowledgeableRitzyWasp

11:53

@cumsock: yeah lmao guy is such a prick, my bad i had to settle for vandy

lilypadfrog

11:54

he is a terrible writer. his personal writing blog is shockingly bad

KnowledgeableRitzyWasp

11:55

@lilypadfrog: are there flowers on your lily pad?

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